LANTANA APARTMENTS - Austin - Transwestern
LANTANA APARTMENTS - Austin - Transwestern
LANTANA APARTMENTS - Austin - Transwestern
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NOTICE OF OFFERING | Lantana Apartments • <strong>Austin</strong> • Texas<br />
LOW INCOME HOUSING TAX CREDIT /<br />
RENTAL RESTRICTIONS<br />
The Lantana Apartments currently contain a Land Use Restriction Agreement<br />
(LURA) deeded on the property in 1995 by the RTC restricting 18 of its units<br />
to be reserved and rented to residents who qualify under the AHDP as<br />
administered by the Texas Department of Housing and Community Affairs.<br />
10 of the units are reserved for Very Low Income and 8 are reserved for<br />
Low Income.<br />
For more information on the program and the rental rate levels, please visit<br />
the following web site:<br />
www.tdhca.state.ts.us<br />
Unit<br />
Type<br />
UNIT MIX & PROFORMA RENTAL RATES<br />
No.<br />
Units %<br />
© TRANSWESTERN, NOVEMBER 2006<br />
Unit<br />
SF<br />
JEFF ROGERS<br />
Managing Director<br />
512.314.5207 | direct<br />
jeff.rogers@transwestern.net<br />
ASHLEY WILBANKS<br />
Associate<br />
512.314.3561 | direct<br />
ashley.wilbanks@transwestern.net<br />
Total<br />
SF<br />
Market<br />
Rate<br />
Rate /<br />
SF Monthly<br />
1 x 1 (VLI) 3 6% 545 ± 1,635 ± $691 $1.27 $2,073<br />
1 x 1 (VLI) 1 2% 600 ± 600 ± $691 $1.15 $691<br />
2 x 2 (VLI) 6 12% 842 ± 5,052 ± $778 $0.92 $4,668<br />
2 x 2 (LI) 1 2% 842 ± 842 ± $1,018 $1.21 $1,018<br />
2 x 2 (LI) 7 14% 856 ± 5,992 ± $1,018 $1.19 $7,126<br />
2 x 2 24 48% 856 ± 20,544 ± $1,350 $1.58 $32,400<br />
2 x 2 4 8% 875 ± 3,500 ± $1,350 $1.54 $5,400<br />
3 x 2 4 8% 985 ± 3,940 ± $1,500 $1.52 $6,000<br />
50 100% 842 ± 42,105 ± $1,188 $1.41 $59,376<br />
NOTES:<br />
[1] VLI = Very Low Income (10 units are required to be designated as VLI)<br />
[2] LI = Low Income (8 units are required to be designated as LI)<br />
[3] Individual unit square footage is an approximation by Owner and Broker. Neither Owner nor<br />
Broker warrant actual square footage size listed above and strongly encourage any potential<br />
investor to conduct its own measurement during feasibility studies. Travis Central Appraisal<br />
District lists gross building square footage as 46,804.<br />
INVESTMENT ADVISORS<br />
CHRIS STUTZMAN<br />
Managing Director<br />
512.314.5203 | direct<br />
chris.stutzman@transwestern.net<br />
TRANSWESTERN<br />
901 South MoPac Expressway<br />
Building 4, Suite 250<br />
<strong>Austin</strong>, TX 78746<br />
512.328.5600 | telephone<br />
512.328.9309 | facsimile<br />
transwestern.net<br />
INCOME Proforma<br />
Underwriting Monthly Unit<br />
Scheduled Rents $712,512 $59,376 $14,250<br />
Less: Loss to Lease ($0) ($0) ($0)<br />
Gross Possible Rent $712,512 $59,376 $14,250<br />
Less: Total Economic Loss (3.5%) ($24,938) ($2,078) ($499)<br />
Net Rental Income $687,574 $57,298 $13,751<br />
Other Income $1,200 $100 $24<br />
Utility Reimbursement $10,000 $833 $200<br />
GROSS OPERATING INCOME $698,774 $58,231 $13,975<br />
EXPENSES Proforma<br />
Underwriting Monthly Unit<br />
Utilities (All) $35,000 $2,917 $700<br />
Unit Make Ready $7,500 $625 $150<br />
Maintenance & Repairs $53,000 $4,417 $1,060<br />
Advertising / Leasing Fees $20,000 $1,667 $400<br />
General & Administrative $15,000 $1,250 $300<br />
Professional Management (5.0%) $34,939 $2,912 $699<br />
Property Insurance $12,500 $1,042 $250<br />
Property Taxes $142,600 $11,883 $2,852<br />
Capital Expenditures $12,500 $1,042 $250<br />
TOTAL OPERATING EXPENSES $333,038 $27,753 $6,661<br />
NET OPERATING INCOME $365,736 $30,478 $7,315<br />
NOTES:<br />
UNDERWRITING PROFORMA<br />
[1] S S <br />
[2] Nvm 2006 G P Az $617,940<br />
[3] Iv v w x x q <br />
E Tx v m 80% f ff 2005 Tx f 27423%<br />
OFFERING OVERVIEW<br />
Offering Price $6,500,000<br />
Price / Unit $130,000<br />
Price / Sq. Ft. $154.38<br />
Proforma Cap Rate 5.63%<br />
Proforma GIM 9.12<br />
Proforma EGIM 9.30<br />
Terms All Cash Sale<br />
TRANSWESTERN PROPERTY COMPANY SW GP, L.L.C., D/B/A TRANSWESTERN COMMERCIAL SERVICES, A DELAWARE LIMITED LIABILITY COMPANY REPRESENTS THE SELLER ON ANY TRANSACTION TO<br />
PURCHASE THE <strong>LANTANA</strong> <strong>APARTMENTS</strong>.<br />
The information contained herein was obtained from sources believed to be reliable; however, <strong>Transwestern</strong> (“Broker” or “<strong>Transwestern</strong> Commercial Services”) makes no guarantees, warranties or representations as to the accuracy thereof. The presentation<br />
of this property is submitted subject to errors, omissions, change in price, prior sales or lease, or withdrawal without prior notice. Broker further has not made and shall not make any warranty or representation as to the condition of this property nor the<br />
presence of any hazardous substances or any environmental or other conditions that may affect the value or suitability of this property including any proforma income or expenses to be derived from this property. Interested parties are encouraged to retain<br />
legal and technical consultants to advise them of any and all aspects of this property.
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